WTC in Ctg to bring dynamism in economy
Tuesday, 14 December 2010
More than a building or an organisation, a World Trade Centre (WTC) brings together they businesses, and the government agencies involved in international trade, provides essential trade services and stimulates the economy of the region it serves. It puts all services associated with global commerce under one roof.
A WTC is a recognizable symbol of locally focused economic strength in world commerce. Anchored by a unique combination of tenants and visitors, a WTC is the bustling hub of export activity.
Recognizing the growing importance and burgeoning prospects and potentials of Chittagong as to become a transitional trade and investment hub as well as to cater to the increasing needs of the entrepreneurs and investors of home and abroad in the context of present day global trade regime, Chittagong Chamber of Commerce and Industry (CCCI) took an ambitious project of constructing a modern world trade centre, the first of its kind in Bangladesh, at Agrabad commercial area in the city.
Construction of the huge WTC Complex started on July 24, 2006 at an estimated cost of nearly Tk 1420 million including the cost of work of electric sub-station and supply of gas generator etc.
After a long period of relentless effort the project of Chittagong business community is now a reality, said CCCI president MA Latif, a ruling Awami League MP, in an interview with FE.
The WTC will accommodate all the modern and sophisticated trade and investment fostering facilities. The first phase work of the WTC project, up to 8th floor (Commercial Block) with three basement floors, has completed, he said and added that the second phase work from 9th to the 20th floor (5-Star Hotel Block) will complete by the end of 2011.
It is expected that with full implementation of the WTC project, Chittagong -- the commercial capital and maritime city of Bangladesh -- will turn into a rendezvous for the global entrepreneurs and investors.
"The centre will be the first ever intelligent building in the country," Latif said.
Major features of the WTC include car parking space for 350 vehicles, international standard convention centre, five star hotel, international club, two swimming pools, health club and sauna etc, shopping complex, banking facilities, lifts and escalators and the roof-top helipad.
The WTC concept journeyed way back in 1970 with a view to facilitating international trade by bringing exporters, importers, manufacturers and service providers in a single platform, the CCCI president said.
There are nearly 300 WTCs in about 100 countries throughout the entire globe, with the pioneer World Trade Centres located in Houston, New Orleans, New York and Tokyo.
Latif said that electro-mechanical works in the first phase structure is going on smoothly so that the CCCI office can be shifted in the WTC Complex any time this December.
"Lucrative investment opportunities, positive image of the country, World Trade Centre, automation of Chittagong Customs and the proposed industrial park at Mirsarai near the Muhuri Project have attracted entrepreneurs from Japan, Taiwan and some European countries," he said.
"Apart from these facilities Bangladesh has a huge workforce -- skilled, semi-skilled and unskilled -- at a comparatively cheap cost that has given us an additional scope for foreign direct investment compared to the neighbouring competitors from China, India and Vietnam."
Turning to inadequate port facilities he said that the inexperienced port management should be changed to make the prime maritime port sufficiently capable of handling goods double the existing volume.
The Chittagong Port has remained as it was 60 years back. Export and import of cargo have increased by 50 times while there is no initiative to expand the port. Equipment facilities did not increase either, he said.
"The main problem is that it is being administered by the government. Running service oriented institutions by the government employees does not necessarily mean government development," he opined.
He suggested handing over management of the port to the qualified private hands to make the port efficient enough to meet the challenge of time as the 'dynamic government' has shown farsightedness by allowing transit and transshipment of cargo to other countries of the region.
Latif said that the business people of Chittagong are facing a lot of problem due to lack of an exclusive industrial zone.
"We must raise our product competitiveness to attract more foreign investment. That they have much interest to invest here is evident from the fact that each and every week you will find foreigners mainly from Japan, Taiwan and European countries are visiting the port city," he said.
"Right today, only after a few minutes from now I will be taking a foreign delegation to one of my projects outside Chittagong," he said while talking to this correspondent recently at the CCCI office.
He said that the CCCI raised the problem to Prime Minister Sheikh Hasina recently. She has assured us that the government will lease out 1000 acres of khas land for setting up an exclusive industrial zone for the Chittagong businessmen in the Muhuri Project.
It will be another milestone achievement for the CCCI, he said and added that a separate zone might be earmarked for the Japanese industrial entrepreneurs in that estate so that they can relocate their sunset industries availing efficient and cost effective labour force in Bangladesh.
A WTC is a recognizable symbol of locally focused economic strength in world commerce. Anchored by a unique combination of tenants and visitors, a WTC is the bustling hub of export activity.
Recognizing the growing importance and burgeoning prospects and potentials of Chittagong as to become a transitional trade and investment hub as well as to cater to the increasing needs of the entrepreneurs and investors of home and abroad in the context of present day global trade regime, Chittagong Chamber of Commerce and Industry (CCCI) took an ambitious project of constructing a modern world trade centre, the first of its kind in Bangladesh, at Agrabad commercial area in the city.
Construction of the huge WTC Complex started on July 24, 2006 at an estimated cost of nearly Tk 1420 million including the cost of work of electric sub-station and supply of gas generator etc.
After a long period of relentless effort the project of Chittagong business community is now a reality, said CCCI president MA Latif, a ruling Awami League MP, in an interview with FE.
The WTC will accommodate all the modern and sophisticated trade and investment fostering facilities. The first phase work of the WTC project, up to 8th floor (Commercial Block) with three basement floors, has completed, he said and added that the second phase work from 9th to the 20th floor (5-Star Hotel Block) will complete by the end of 2011.
It is expected that with full implementation of the WTC project, Chittagong -- the commercial capital and maritime city of Bangladesh -- will turn into a rendezvous for the global entrepreneurs and investors.
"The centre will be the first ever intelligent building in the country," Latif said.
Major features of the WTC include car parking space for 350 vehicles, international standard convention centre, five star hotel, international club, two swimming pools, health club and sauna etc, shopping complex, banking facilities, lifts and escalators and the roof-top helipad.
The WTC concept journeyed way back in 1970 with a view to facilitating international trade by bringing exporters, importers, manufacturers and service providers in a single platform, the CCCI president said.
There are nearly 300 WTCs in about 100 countries throughout the entire globe, with the pioneer World Trade Centres located in Houston, New Orleans, New York and Tokyo.
Latif said that electro-mechanical works in the first phase structure is going on smoothly so that the CCCI office can be shifted in the WTC Complex any time this December.
"Lucrative investment opportunities, positive image of the country, World Trade Centre, automation of Chittagong Customs and the proposed industrial park at Mirsarai near the Muhuri Project have attracted entrepreneurs from Japan, Taiwan and some European countries," he said.
"Apart from these facilities Bangladesh has a huge workforce -- skilled, semi-skilled and unskilled -- at a comparatively cheap cost that has given us an additional scope for foreign direct investment compared to the neighbouring competitors from China, India and Vietnam."
Turning to inadequate port facilities he said that the inexperienced port management should be changed to make the prime maritime port sufficiently capable of handling goods double the existing volume.
The Chittagong Port has remained as it was 60 years back. Export and import of cargo have increased by 50 times while there is no initiative to expand the port. Equipment facilities did not increase either, he said.
"The main problem is that it is being administered by the government. Running service oriented institutions by the government employees does not necessarily mean government development," he opined.
He suggested handing over management of the port to the qualified private hands to make the port efficient enough to meet the challenge of time as the 'dynamic government' has shown farsightedness by allowing transit and transshipment of cargo to other countries of the region.
Latif said that the business people of Chittagong are facing a lot of problem due to lack of an exclusive industrial zone.
"We must raise our product competitiveness to attract more foreign investment. That they have much interest to invest here is evident from the fact that each and every week you will find foreigners mainly from Japan, Taiwan and European countries are visiting the port city," he said.
"Right today, only after a few minutes from now I will be taking a foreign delegation to one of my projects outside Chittagong," he said while talking to this correspondent recently at the CCCI office.
He said that the CCCI raised the problem to Prime Minister Sheikh Hasina recently. She has assured us that the government will lease out 1000 acres of khas land for setting up an exclusive industrial zone for the Chittagong businessmen in the Muhuri Project.
It will be another milestone achievement for the CCCI, he said and added that a separate zone might be earmarked for the Japanese industrial entrepreneurs in that estate so that they can relocate their sunset industries availing efficient and cost effective labour force in Bangladesh.